AIICO returns N1.5b pension legacy fund to PTAD

 Omobola Tolu-Kusimo 

 

AIICO Insurance Plc has  transferred the ownership of fixed assets, private equity holdings and cash of pensioners under the old pension scheme, Defined Benefit Scheme (DBS) to Pension Transitional Arrangement Directorate (PTAD).
PTAD Executive Secretary, Sharon Ikeazor who spoke with reporters at the formal handing over of landed properties, fixed private  holdings and cash at AIICO headquarters in Lagos, added that the Directorate had issued demand notices to 15 insurers to return pension legacy funds as required by the  Pension Reform Act (PRA) 2014.
She said only five firms  have complied with the notices.
The listed the firms to include Leadway Assurance Limited, Custodian Life Assurance Limited, LASACO Assurance Plc, African Alliance Insurance and NICON Insurance.
She said the delay by the remaining nine firms has unnecessarily delayed the settlement of the huge pension liabilities inherited by PTAD and urged others to comply.
According her, the PRA 2014 vested all DBS pension assets, funds and liabilities in PTAD.


Culled from Nation